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Invitation Homes Announces Joint Venture With Quarterra – a Lennar Company, Centerbridge, and Other Capital Partners
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0 KommentareInvitation Homes Inc. (NYSE: INVH), the nation’s premier single-family home leasing and management company, announced today that it has entered into a joint venture with Quarterra Group Inc., a wholly-owned subsidiary of Lennar Corporation (NYSE:LEN and LEN.B), Centerbridge Partners, L.P., and other high quality institutional investors. As part of their agreement, Invitation Homes has acquired a minority equity interest in a portfolio of single-family homes for lease that are part of the Upward America joint venture. Upward America has selected Invitation Homes to provide management services to the 4,400 homes located primarily within Florida, Texas, and the Carolinas.
“This partnership is emblematic of Lennar’s broader focus on building a healthier housing market across America and meeting the needs of families and individuals across the country,” said Stuart Miller, Executive Chairman and Co-Chief Executive Officer of Lennar. “The shared build-to-rent vision between Lennar and Invitation Homes creates opportunities that make the single-family lifestyle in a quality-built home more attainable.”
“We’re pleased to join these esteemed partners and be chosen to manage this newly-built portfolio of high-quality single-family homes for lease,” stated Dallas Tanner, Chief Executive Officer of Invitation Homes. “Including these homes, the total number we own and/or manage approaches 110,000 homes. Through these new relationships and additional efficiencies of scale, we believe we can achieve meaningful growth for our stockholders and a significant expansion of our premier service and experience for the residents of Upward America.”
“This exciting partnership with Lennar and Invitation Homes, the premier operator of single-family rental homes, brings together two best-in-class industry leaders whose scale and capabilities are complementary to the joint venture,” said Ally Heyburn, Managing Director at Centerbridge. “Invitation Homes’ investment in the joint venture validates our thesis around the attractiveness of high-quality, new homes concentrated in some of the fastest growing markets in the country.”
About Invitation Homes
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Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools. Invitation Homes’ mission, "Together with you, we make a house a home," reflects its commitment to providing homes where individuals and families can thrive and high-touch service that continuously enhances residents' living experiences.
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